UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Gannon, John Timothy
2202 North Westshore Boulevard, 5th Floor
Tampa, Florida 33607
United States
2. Issuer Name and Ticker or Trading Symbol
Outback Steakhouse, Inc.
OSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
03/27/03
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director (X) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Common Stock, par value $.0|- |- |-|- |- |- |7,441,075(1) |I |(2) |
1 | | | | | | | | | |
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Common Stock, par value $.0|03/27/|S |-|4,000 |D |$35.04 | | | |
1 |03 | | | | | | | | |
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Common Stock, par value $.0|03/27/|S |-|100 |D |$34.98 | | | |
1 |03 | | | | | | | | |
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Common Stock, par value $.0|03/27/|S |-|2,400 |D |$34.96 | | | |
1 |03 | | | | | | | | |
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Common Stock, par value $.0|03/27/|S |-|500 |D |$35.00 | | | |
1 |03 | | | | | | | | |
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Common Stock, par value $.0|03/27/|S |-|3,000 |D |$35.06 | | | |
1 |03 | | | | | | | | |
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Common Stock, par value $.0|03/28/|S |-|4,000 |D |$35.30 | | | |
1 |03 | | | | | | | | |
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Common Stock, par value $.0|03/28/|S |-|3,000 |D |$35.15 | | | |
1 |03 | | | | | | | | |
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Common Stock, par value $.0|03/28/|S | |3,000 |D |$35.14 |575,000(1) |D | |
1 |03 | |-| | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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Forward Sale Contract |(3) |11/05|J(3)|-|1 - |A,D|11/05|11/05|Common Stock|350,000|(3) |1(1) |D |- |
(right to sell) | |/01 | | | | |/03 |/03 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Represents number of shares beneficially owned immediately after the
reported transaction.
(2) Owned by Multi-Venture Partners, Ltd., a Nevada limited partnership
("MVP"), of which Mr. Gannon is a Limited
Partner.
(3) On November 5, 2001, the reporting person entered into a pre-paid forward
sales contract. Upon the
termination date, November 5, 2003, the reporting person will deliver up to
350,000 shares of common stock,
based on the closing price of the common stock on that date. At the reporting
person's option, he may deliver an
amount in cash equal to the value of common stock to be delivered. The
reporting person received proceeds of
$8,911,000 pursuant to the contract.
SIGNATURE OF REPORTING PERSON
Robert S. Merritt, Attorney-in-Fact
DATE
03/28/03